Precision Farming Market Highlights
According to this MRFR analysis the global precision farming market is expected to reach USD 12.8 billion and set to grow at a CAGR of 12.7% during the forecast period.
Demands for precision farming are at a high rise because of factors like rapidly increasing global populations and rapidly advancing technological environments. The North American, European, Asia Pacific, and The Rest of the world are the major markets evaluated to reveal the worldwide market structure. As per the study and market stances, the global market is impelled by the North American region under the influence of factors like high adoption & demands of revolutionary technologies, presence of supreme market players, high grant values for research & development programs, and others. Whereas, the Asia Pacific region will register the highest growth in this tenure because of factors like rapidly growing demands for next-gen technologies, vast population, demands for better food, rapid urbanization, rise in disposable incomes, growing government initiatives, and other factors.
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The growing population has gradually increased the demands for foods, which are to be obtained from limited cultivable lands. The precision farming technique helps in collecting real-time data and monitoring upcoming weather conditions, making it a useful tool for the farmers. Factors like unstable supplies of the raw materials and their fluctuating costs have restrained the market’s evolution. The market players are actively funding research & development programs to explore the new sides of this market and eradicating any negatives holding back this market.
The precision farming have helped the farmers to achieve a productivity, flexibility, and environmental protection and market will expand more in coming years. Looking at this phenomenal growth, Market Research Future’ recently gave out the market insight till 2025.
Segmentation:
The global precision farming market is an immense field and is divided as follows:
The global precision farming market is characterized as hardware, software, and services in view of offerings.
In view of technology, the global precision farming market is characterized as remote sensing, telematics, geographic information system (GIS), and others.
The global precision farming market is characterized by irrigation management, weather tracking, and others, in view of applications.
Competitive Analysis
Key players are approaching new techniques and affordable devices in the precision farming. The same would improve market performance. Heavy investments are made by major players in the R&D sector.
The prominent players identified in the market of Precision Farming are- AG Leader Technology, AgEagle Aerial Systems, Aglytix Inc., AgGateway , Precision Planting ,AGCO Corporation , and Deere & Company.
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Precision Farming Market Information; By Components (Hardware, Software, Services) and Applications (Yield Mapping, Quality Mapping, Soil Properties Analysis, Inventory Management, Labour Management, Crop Scouting) – Forecast till 2027
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